The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
"Had a wonderful meeting with President U Htin Kyaw," Modi tweeted along with some pictures of the meeting.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
India expects to see the bank established as soon as possible.
The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently.
Ahead of the first meeting between Prime Minister Manmohan Singh and Chinese President Xi Jinping in Durban, China today said such a meeting will help to build mutual trust and cooperation between the two countries.
The controversial Kudankulam Unit I of the atomic power reactor in Tamil Nadu will become operational by next month, Prime Minister Manmohan Singh has said.
Prime Minister Manmohan Singh will meet China's new President Xi Jinping in Durban on Wednesday, the first bilateral meeting between the two leaders after the leadership change in Beijing.
Evidently, something has gone awry in India's regional strategies. Yet, one feels tempted to call this India's "BRICS moment". The Durban summit will show how far India is prepared to go in a new direction. MK Bhadrakumar examines
Prime Minister Manmohan Singh on Monday said that his trip to Durban for the fifth BRICS Summit will be an opportunity for him to not only greet the new Chinese President Xi Jinping personally, but also to discuss how New Delhi and Beijing can maintain the positive trajectory of their relationship.
Seeking to build on the "great cooperation potential" between India and China, President Hu Jintao has told Prime Minister Manmohan Singh that it is Beijing's "unswerving policy" to develop bilateral ties and deepen strategic cooperation.
Modi will first stop in Rwanda for a two-day visit, then visit Uganda from July 24-25 and finally go to South Africa.
Sheela Bhatt, who traveled with Prime Minister Manmohan Singh to the BRICS Summit in Durban, gauges the buzz ahead of the event that begins Tuesday.
India looks forward to the meet between Prime Minister Dr Manmohan Singh and Chinese premier Xi Jinping's in Durban on March 27 on the sidelines of the BRICS summit. The next week is important for Sino- India bilateral relations, says Sheela Bhatt.
India, UAE yet to conclude bilateral investment promotion and protection agreement.
May emphasise that the country is back on the fiscal consolidation path by reining in fiscal deficit at 5.2%.
Modi put forward new initiatives for the BRICS grouping
Holding that the situation in Tibet continues to deteriorate, Tibetan Parliament-in-Exile on Wednesday urged visiting Chinese President Hu Jintao to withdraw large reinforcement of military from the region and asked the BRICs leaders to raise the Tibet issue with him.
Sounding upbeat over the resumption of defence exchanges with India, China on Thursday said it was 'vigorously committed' to developing military ties with its 'important neighbour' and was ready to resolve the visa row through friendly consultation.
The joint declaration lists the BRICS nations' consensus on global economy, international financial issues and developmental affairs.
The death of 26-year-old Jampel Yeshi, who immolated himself in New Delhi last week, makes it clear, says Claude Arpi, that the regime in Beijing has utterly failed to extinguish the Tibetan fire for freedom.
'The MEA, hopefully, made it clear that the Indian PM can't be seen in Xi Jinping's company when China has, for all intents and purposes, annexed over 1,000 sq kms of Indian territory in eastern Ladakh, and essentially that the Wuhan spirit and the Mamallapuram spirit have turned into vinegar.'
'If the Chinese were keen to mend fences with India, they would merely have to withdraw their troops in Eastern Ladakh.' 'They have not done so and they have not said that they will do so.'
Pakistan has denied allegations it harbours these groups.
The city police was on Thursday directed by the Delhi high court not to harass people from the North East and Ladakh because of their resemblance with Tibetans, who were under the police scanner for protesting Chinese President Hu Jintao's visit in New Delhi for the BRICS summit.
The condition of the 27-year-old, who was admitted to the Ram Manohar Lohia hospital with over 90 per cent burns, is very critical
The leaders of the Brazil-Russia-India-China-South Africa grouping on Thursday collectively voiced their opposition to the use of force in Libya and pitched for a central role for the United Nations and regional organisations in resolving the matter.Reflecting on the situation in the Middle East and north African countries at the BRICS Summit, Prime Minister Manmohan Singh observed that there was a "shift of power towards ordinary citizens".
Rediff.com's Editor-in-chief Nikhil Lakshman, who is traveling with Prime Minister Manmohan Singh to the BRICS summit in the Chinese town of Sanya, reports that the two Asian giants have agreed to set up a working mechanism to resolve irritants that have led to a deterioration in relations
Prime Minister Manmohan Singh and Chinese President Hu Jintao met in Sanya on Wednesday, with the Indian leader conveying the intention to expand cooperation in all areas and strengthen the strategic and economic partnership.
Prime Minister Manmohan Singh arrived in Sanya, China on Tuesday at the Phoenix International Airport to attend the BRICS Summit that will see the formal induction of South Africa as the fifth member of the emerging economies group, which already has Brazil, Russia, India and China as members.
Rediff.com's Editor-in-chief Nikhil Lakshman, who is traveling with Prime Minister Manmohan Singh to the BRICS summit in the Chinese town of Sanya, offers an insight into what the Indian delegation can expect during the visit
Narendra Modi will be travelling to Israel, the first by an Indian prime minister to the Jewish country with which bilateral defence cooperation is on an upswing.
Prime Minister Narendra Modi has favoured broadening of the strategic partnership with Russia in nuclear, defence and energy sectors and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December for his annual summit.
BRIC economies are currently worth around $11-12 trillion.
has been discussed at the highest level when the Prime Minister met Chinese President in Hanoi in October last.
Cautioning that the traditional sources of economic growth are under stress coupled with fresh uncertainties around the globe, Prime Minister Manmohan Singh on Tuesday said that it would be to the advantage of five-nation BRICS (Brazil, Russia, India, China and South Africa) grouping to coordinate in key areas of development.
'The BRICS anthem has to necessarily be an anthem of Vedic times -- Walk together, Dream together, Achieve together.' 'And who knows it better than Modi?' says Tarun Vijay.
Flying ash from Iceland's erupting volcano has forced Prime Minister Manmohan Singh's special aircraft to change its planned route and now he will return to home via Johannesburg in South Africa.
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
Modi also urged the BRICS Business Council to create a roadmap to achieve the $500 billion intra-BRICS trade target by the next summit.
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